Jude Schramm, CIO of Fifth Third Bank, speaks with Chris Galligan, Senior Manager of Business Development at Centric Consulting, in a video interview about leveraging customer data to personalize communications regarding products and services and addressing the challenges associated with the creation, management, and security of high volumes of data.
Schramm has been in the technology space for 30 years and he begins this conversation by stating that data is at the heart of everything that Fifth Third Bank does. The bank is constantly trying to look at data as a key part of the strategy from a value proposition.
When asked about the approach to leveraging data, Schramm says that the bank uses its data to offer good recommendations to customers for financial success, be it a household or an individual. A lot of the effort goes into understanding the demographics of communities and how customers utilize their financial well-being.
Fifth Third considers different ways to create a better and differentiating customer experience, almost exclusively with its data, Schramm states. He however maintains that the bank, being in a highly regulated industry, cannot sell or share data to monetize it.
Instead, Schramm reveals that the bank uses its data to personalize product and service recommendations through its various customer touchpoints like the mobile app, the website, and its bankers. Such a proactive approach creates more awareness and visibility into the products and services offered by the bank.
In terms of effectiveness, Schramm says that the penetration of products and services with existing retained customers has been growing steadily due to such efforts.
Next, he speaks about the biggest challenges with the management of large volumes of data. Schramm highlights data protection as a key challenge and says that the goal is to protect employee and customer data with the highest capability.
In terms of the volume of data, the goal is to make sure that the data is being distributed correctly while being produced and stored in different landing zones with the right security controls in place. Adding to the challenge aspect, Schramm also mentions keeping up with the pace of change and the cost of the products used to manage and derive insights from data.
In conclusion, he mentions that putting a strategy together for the trifecta of protection, price, and velocity has been one of the hardest challenges at the bank.
CDO Magazine appreciates Jude Schramm for sharing his invaluable insights with our global community.